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EOG deserve huge credit here in landing this project at Equatorial Guinea and also refreshing their board (albeit from shareholder pressure).
At an investment of just circa £2.4million from existing cash (no placing required).
Prospects are next to existing production infrastructure (Chevron), have been AVO analysed with 17 wells drilled in the area with only 1 dry.
Extremely high COS in a sought after location.
Broker valuation of 28pps on a discovery (post farm-down), even if this is halved to 14pps it’s absolutely huge upside (without any value placed on Inishkea, NS or Cloughton assets).
Wressle is a great bill paying asset, however it’s not going to move the needle like Equatorial Guinea will.
Buy, add and hold this one to see how it pans out over the coming months. The risk/reward is an absolute no brainier with downside supported by existing production revenues.
EG looks very promising
Ireland *may* spring to life this year - renewal of licence will be a favourable sign, of course
Serenity looks less promising, but you never know
Posted by Tommy241 on the other board.
Some research this evening on the new prospect at Equatorial Guinea, feel free to share…
UK and ROI should take note to Equatorial Guinea’s approach to monetising their natural resources:
Https://oilreviewafrica.com/gas/gas/equatorial-guinea-is-looking-towards-major-milestones-starting-2024-believes-minister-of-mines-and-hydrocarbons
Equatorial Guinea’s new Hydrocarbons minister:
Https://newbusinessethiopia.com/oil-gas/opec-chief-to-drive-upstream-investment-in-equatorial-guinea
Canadian oil and gas company Africa Oil Corp. enters into Equatorial Guinea (Feb 23’):
Https://www.offshore-energy.biz/two-highly-prospective-offshore-blocks-open-doors-to-equatorial-guinea-for-canadian-player/
Update on Africa Oil Corp farm out (November 23):
Https://www.upstreamonline.com/exploration/-staggering-industry-interest-in-west-africa-exploration-block-close-to-lng-plant/2-1-1560295
Further area info:
Https://www.reuters.com/markets/deals/marathon-oil-enters-lng-deal-with-glencore-alba-gas-2023-10-16/
If only the Irish government held a similar sensible view …
“ This year, I am looking forward to participating in a number of panel discussions, investor summits and ministerial forums, and will drive the message that gas is good for Africa. Equatorial Guinea has made significant progress to monetise both domestic and regional gas but a lot more needs to be done to maximise resources and drive industrialisation and economic growth. Gas, as a clean and readily available resource, is the best way for Africa to achieve energy security while facilitating a just energy transition.”
The Powers that be realise it is a good way to address African poverty and yet distance developed economies from carbon emissions. Good for EOG
Excellent news ( https://youtu.be/m7S0-AgItdM?si=YTHmRkcqTUlJSBLV ),...from 22:44 into the video presentation, the 91% COS figure guided is mouthwatering,...along with the other recent news, what a great start to the new year.
BW
Wraith good find thanks for posting link looks promising
I have to admit good presentation and the opportunity looks highly promising, for once.
Only issue as ever with this share is that we will spend our wressle money for gains that are once again probably two years away. I was a relatively young man when I first bought in here at six times the current SP. This does feel different and the presentation was excellent - informed and confident.
I think Antler have more EG assets lined up for our involvement hence the wider agreement.
Inishkia news soon I hope
Tie in with gas caverns planned with harl I hope
Fairly confident on the Inishkea licence extension then just let the Ire politics play out. It may yet be a winner for Europa. The market clearly has written it off.
Your welcome Bubble2021,...I found the presentation to be most encouraging.
BW
Hello wraith. Hope you are keeping well. I'm still here after all these years. EG looks very promising. Glad they done something as Ireland seems to be a long shot now. Have a good day.
Hi brezhnef,...I am keeping well, hope it's the same for you,...agree, EG looks very interesting.
BW
Wraith and all.
No chance of EOG getting an extension or anything to do with drilling in Ireland IMO.
If it happened this would be an open door for Lansdowne’s case against Irish govt and very recent interview with Ryan indicates that LOGP stands no chance of success.
Also I think Larry Goodman would pounce now he owns Barryroe and would be looking for licence to be reinstated.
Along with being EOG shareholders, we are also RKH shareholders, AJED,...the arbitration case has gone rather well for RKH ( https://www.londonstockexchange.com/news-article/RKH/monetisation-of-arbitration-award-replacement/16260172 ).
BW